Group 1: QDII Funds and Market Trends - Several QDII funds have announced subscription limits, with the Wan Ke Nasdaq 100 Index Fund restricting single-day subscriptions to a maximum of 500,000 yuan [1] - The Guotai S&P 500 ETF and the top-performing fund of the first half of the year, Huatai-PB Hong Kong Advantage Selection Mixed Fund, have completely stopped accepting new subscriptions [1] - Since July, multiple overseas-listed Chinese stock ETFs have seen significant capital inflows, with five large ETFs collectively attracting nearly 3 billion USD [1] Group 2: Nonferrous Metals Industry - In the first half of 2025, the value-added growth rate of China's regulated nonferrous industry increased by 7.6%, with the production of ten common nonferrous metals reaching 40.32 million tons, a year-on-year increase of 2.9% [2] - The nonferrous metal industry has maintained stable operations, with fixed asset investment growing by 16.1% compared to the same period last year [2] Group 3: PCB Industry - The PCB industry has seen a significant improvement in market conditions compared to the previous year, particularly for high-end products driven by AI hardware upgrades [2] - Major manufacturers like Dongshan Precision and Huitian Technology are focusing on increasing production capacity for high-end PCB products due to strong demand and rising prices [2] Group 4: Corporate Announcements - China CNR Corporation announced the signing of several major contracts totaling approximately 32.92 billion yuan, covering various sectors including urban rail vehicles and wind power equipment [5] - Hongfa Co., Ltd. reported a net profit of 964 million yuan for the first half of 2025, reflecting a year-on-year growth of 14.19% [5] - Enhua Pharmaceutical reported a net profit of 700 million yuan for the first half of 2025, an increase of 11.38% year-on-year [7] - Guobang Pharmaceutical achieved a net profit of 456 million yuan in the first half of 2025, up 12.60% year-on-year [8]

对此，恒生电子投资者关系部的工作人员向以投资者身份采访的21财经·南财快讯记者表示，公司有注 意到市场相关传闻，公司今日涨停或与该传闻有关，但目前投资者关系部暂无法确认公司是否与蚂蚁数 科达成合作。 该工作人员进一步补充道，公司旗下香港子公司长期为港资及中资券商提供IT服务，市场份额可观，公 司也确在积极布局稳定币等虚拟资产及出海业务，并与蚂蚁数科等企业有过前期沟通交流。但其强 调，"相关合作的确认仍需以官方公告信息为准"。 公开资料显示，恒生电子是金融科技解决方案提供商，蚂蚁数科则是蚂蚁集团旗下科技商业化平台。值 得注意的是，蚂蚁数科已公开启动申请香港稳定币牌照，并将香港列为全球总部。而蚂蚁集团间接持有 恒生电子约20.72%的股份，是其重要股东。 值得关注的是，此前6月下旬，海南华铁也曾因传出与蚂蚁数科关于稳定币的合作而股价涨停，但随后 蚂蚁数科发布辟谣声明，强调与海南华铁仅就RWA(实物资产代币化)进行过初步探索性交流，未达成任 何实质合作，并提醒市场警惕借"RWA"、"稳定币"概念炒作的行为，对冒用其名义的行为保留追责权 利。 牛市"急先锋"突发涨停！恒生电子回应与蚂蚁数科合作传闻 此外，受稳定币等概 ...

Core Viewpoint - The stock price of Hengsheng Electronics (600570.SH) surged due to rumors of a strategic partnership with Ant Group's Ant Financial, focusing on virtual assets and stablecoin operations, although the company has not confirmed this collaboration yet [1][2]. Group 1: Company Overview - Hengsheng Electronics is a financial technology solution provider, while Ant Financial is a technology commercialization platform under Ant Group [2]. - Ant Group indirectly holds approximately 20.72% of Hengsheng Electronics' shares, making it a significant shareholder [2]. Group 2: Market Reaction - Following the rumors, Hengsheng Electronics' stock price has increased by over 44.2% since June [2]. - The stock price surge was also influenced by a similar incident involving Hainan Huatie, which saw its stock price rise due to unconfirmed collaboration rumors with Ant Financial [2]. Group 3: Financial Performance - Despite the stock price increase, Hengsheng Electronics reported a significant decline in financial performance, with a 9.62% year-on-year decrease in revenue to 6.581 billion yuan and a 42.39% drop in net profit to 1.043 billion yuan for 2024 [2]. - The downward trend continued into the first quarter of 2025, with a 13.62% year-on-year revenue decline [2]. - The company attributed the revenue decline to reduced income from key service areas, including asset management technology and risk management [2].

Core Viewpoint - The stock price of Hang Seng Electronics has surged significantly, likely driven by rumors of a partnership with Ant Group regarding stablecoins, leading to a broader rally in financial technology stocks [1] Group 1: Company Performance - Hang Seng Electronics experienced a sharp increase in stock price, reaching the daily limit up after 10 AM [1] - The surge in Hang Seng Electronics' stock price has positively influenced other financial technology stocks such as Wealth Trend and Guotou Intelligent [1] Group 2: Market Rumors and Reactions - The market activity is speculated to be linked to rumors about a collaboration between Hang Seng Electronics and Ant Group on stablecoins [1] - The investor relations department of Hang Seng Electronics acknowledged awareness of the market rumors but could not confirm any partnership with Ant Group at this time [1] - The company is actively exploring opportunities in stablecoins and virtual assets, having had preliminary discussions with Ant Group and other firms, but any official confirmation will depend on future announcements [1]

7月29日，曾于2015年及2020年牛市中表现活跃的金融IT龙头恒生电子（600570）股价大爆发。市场异 动来源或与一则"小作文"有关。一则疑似券商研究员的荐股信息称，"我们获悉恒生电子全资子公司恒 云科技已与蚂蚁数科达成战略合作，合作围绕虚拟资产/稳定币的运营及系统建设，专注于香港及出海 市场，并计划在9月召开相关稳定币大会，声称"合作打开恒生成长天花板。" 对此，恒生电子投资者关 系部的工作人员向记者表示，公司有注意到市场相关传闻，公司今日涨停或与该传闻有关，但目前投资 者关系部暂无法确认公司是否与蚂蚁数科达成合作。该工作人员进一步补充道，公司旗下香港子公司长 期为港资及中资券商提供IT服务，市场份额可观，公司也确在积极布局稳定币等虚拟资产及出海业务， 并与蚂蚁数科等企业有过前期沟通交流。但其强调，"相关合作的确认仍需以官方公告信息为准"。(21 财经) ...

昔日牛市"急先锋"今日暴涨！ 今日早盘，在2015和2020年两轮牛市中大放异彩的牛市"急先锋"——恒生电子大爆发，其股价在上午10点过 后，突然急拉，涨幅快速扩大到9%以上，并一度涨停，同时带动财富趋势、国投智能等稳定币及金融科技股 拉升。那么，究竟发生了什么？ 有一则类似券商研究员荐股的信息在市场上流传：刚刚"我们"从产业得知，恒生电子全资子公司恒云科技和蚂 蚁数科达成战略合作（产业可验，细节可私），合作围绕虚拟资产/稳定币的运营及系统建设，香港&出海。 后续蚂蚁-恒云会开稳定币大会，时间大概率为9月。合作打开恒生成长天花板。 恒生电子突然爆发 每一波牛市，恒生电子都会有较强的表现，2015年那一波涨幅近20倍；2020年那一波，涨幅也有近3倍。今 天，该股再度爆发，股价经过震荡之后涨停。 恒生电子的回暖亦带动了稳定币和金融科技股。国投智能涨近20%，东信和平涨超5%续创历史新高，财富趋 势、中油资本、金证股份、拓尔思等冲高。 市场上有流传的"小作文"称，恒生电子全资子公司恒云科技和蚂蚁数科达成战略合作（产业可验，细节可 私），合作围绕虚拟资产/稳定币的运营及系统建设，香港&出海。后续蚂蚁-恒云会开稳定币 ...

Company News - China Railway Construction (01186.HK) reported a new contract amount of approximately 1,056.17 billion yuan for the first half of the year, a year-on-year decrease of 4.04% [2] - China Metallurgical Group (01618.HK) announced a new contract amount of 548.2 billion yuan for the first half of the year, down 19.1% year-on-year [2] - Sichuan Chengyu Expressway (00107.HK) won the bid for the G5 Jingkun Expressway Chengdu to Ya'an section expansion project, with a total investment of approximately 28.548 billion yuan [2] - Road King Infrastructure (01098.HK) reported total property sales of 5.232 billion yuan for the first half of the year, a decrease of 28.37% year-on-year [2] - Amax Holdings (00880.HK) plans to acquire a property in Hengqin for 724.2 million yuan to diversify its business portfolio [2] - Chaoyue Eye Hospital (02219.HK) signed a construction contract for the first phase of its comprehensive medical facility project, with a contract value of 223 million yuan [2] - Bay Area Development (00737.HK) reported total toll revenue of 243 million yuan for June, a year-on-year decrease of 4% [2] - Decent Pharmaceuticals-B (06996.HK) received approval for its drug, Hivio®, for the second-line treatment of multiple myeloma in China [2] - Tianchen Holdings (01201.HK) plans to invest 30 million yuan to establish a joint venture in Shenzhen for new energy heavy truck charging stations [2] Performance Summary - WuXi AppTec (02359.HK) reported mid-year revenue of 20.799 billion yuan, a year-on-year increase of 20.64%, and a net profit of 8.561 billion yuan, up 101.92% year-on-year [3] Earnings Announcements - China Nonferrous Mining (01258.HK) issued a profit warning, expecting mid-term net profit of approximately 258 million USD, a year-on-year increase of about 18% [4] - Hualing Pharmaceutical-B (02552.HK) issued a profit warning, expecting mid-term net profit of approximately 1.184 billion yuan, turning from loss to profit [4] - Little Yellow Duck (02250.HK) issued a profit warning, expecting mid-term revenue to increase by over 30% year-on-year [4] - Qingci Games (06633.HK) issued a profit warning, expecting mid-term net profit to increase by approximately 78%-130% year-on-year [4] - Goodbaby International (01086.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 40%-50% year-on-year [4] - Qianhai Health (00911.HK) issued a profit warning, expecting mid-term net profit to decrease by approximately 60%-70% year-on-year [4] - Tianan Health (00383.HK) issued a profit warning, expecting mid-term net profit to decrease to approximately 7 million to 17 million HKD [4] - Pacific Network (00543.HK) issued a profit warning, expecting mid-term net loss of approximately 5 million to 15 million yuan [4] Buyback and Increase Dynamics - HSBC Holdings (00005.HK) repurchased 348,700 shares for approximately 35.487 million HKD at a price of 101.4-102 HKD [3] - China Eastern Airlines (00670.HK) repurchased 2.5 million shares for approximately 7.4983 million HKD at a price of 2.97-3.03 HKD [3] - Founder Holdings (00418.HK) canceled a total of 17.9962 million shares that had been repurchased [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） 虛擬資產投資計劃標誌著本集團進軍Web3.0及虛擬資產領域。此計劃配合香港政府最近 推出的政策，積極支持Web3.0及虛擬資產產業的發展，旨在推動科技行業的創新。本集 團認為Web3.0及虛擬資產擁有巨大的增長潛力，並符合當前全球金融及商業發展趨勢。 因此，本集團將加強在穩定幣、現實世界資產（「RWA」）以及包含虛擬價值鏈的更廣泛 生態系統的投資和發展力度。透過對變革性科技採取積極的態度及審慎的投資方法，本 集團不單希望有效回應香港特別行政區政府所建立的有利政策環境，亦希望提升長遠股 東價值及創造策略性機會，藉以拓展至新興市場。 –1– 虛擬資產投資計劃將以本集團的內部資源和現金儲備撥付，並由本集團根據市場狀況、 本集團的業務發展和現金流水平，以審慎的方式酌情決定。 本集團將遵守香港聯合交易所有 ...

（於開曼群島註冊成立的有限公司） （股份代號：2263） 自願性公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Fu Shek Financial Holdings Limited 富石金融控股有限公司 – 1 – 承董事會命 關於一間附屬公司向證監會提交申請以獲發牌照進行第1類受規管活動 作為就虛擬資產進行交易或提供意見的中介人的業務最新資料 本 公 告 乃 由 富 石 金 融 控 股 有 限 公 司（「本公司」）自 願 刊 發，以 向 其 股 東 及 潛 在 投 資 者 提 供 有 關 本 公 司 最 新 業 務 發 展 的 最 新 資 料。 本 公 司 的 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，本 公 司 的 間 接 全 資 附 屬 公 司 佳 富 達 證 券 有 限 公 司（「佳富達證券」）已 於2025 ...

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly in sectors such as stablecoins, new consumption, and innovative pharmaceuticals [3][10]. Core Views - The overseas Chinese asset earnings season has begun, with a significant increase in risk appetite for Hong Kong and US-listed Chinese stocks, as active funds seek undervalued stocks with low price-to-book ratios [3][10]. - There is a sustained bullish outlook on virtual assets, including stablecoins, with traditional virtual asset exchanges expected to enter the traditional capital markets through IPOs, reverse mergers, and acquisitions [3][10]. - The potential risks for overseas Chinese assets remain, particularly concerning US-China tariff issues, necessitating close monitoring of global tariff negotiations [3][10]. Industry Situation Tracking Education - The Chinese education index fell by 0.82% during the period from July 21 to July 25, underperforming compared to major indices [11][21]. - Notable stock performances include Oriental Selection rising by 13.67% and New Oriental falling by 10.03% [11][21]. Luxury Goods - The S&P Global Luxury Goods Index increased by 2.75%, while the MSCI European Luxury Goods and Apparel Index rose by 2.52% during the same period [22][25]. - Key luxury stocks showed mixed results, with Samsonite up by 3.16% and Prada down by 1.94% [22][25]. Coffee and Tea - The Hang Seng Non-Essential Consumer Index rose by 1.30%, outperforming the Hang Seng Index [27][30]. - Notable stock performances include Haidilao up by 4.31% and various tea brands experiencing declines [27][30]. E-commerce - The Hang Seng Internet Technology Index increased by 1.86%, with Pinduoduo rising by 8.67% and Alibaba declining by 0.17% [30][31]. - The competitive landscape remains intense, with significant investments in logistics and marketing by leading platforms [30][31]. Streaming Platforms - The Hang Seng Media Index fell by 1.2%, underperforming compared to other indices [35][39]. - Key stocks like iQIYI and Tencent Music experienced varied performance, with iQIYI up by 2.04% and Tencent Music down by 4.45% [35][39]. Virtual Assets & Internet Brokers - As of July 25, the global cryptocurrency market cap reached $393.75 billion, with Bitcoin and Ethereum prices at $117,482 and $3,765, respectively [41][42]. - The report highlights the ongoing development of regulatory frameworks for virtual assets, with significant movements in the market [41][42]. Automotive Services - The Hang Seng Composite Index rose by 2.45%, with notable performances from companies like Zhongsheng Holdings up by 17.27% [49][50]. - The automotive service sector is witnessing growth, with new partnerships and service offerings emerging [49][50].